How to choose the “perfect” attribution model for your business?

Marketing attribution simplifies the complicated and confusing realm of marketing. It uses several touchpoints from multiple channels, customer types, and standard choices to clarify which accents of marketing require more focus. It helps in redistribution of resources, better placement of advertisements and customer acquisition. Several companies have marketing strategies in place, but they do not enjoy as much ROI as they should. It can be due to the lack of optimization of resources or due to the incorrect targeting of customers.

Marketing attribution models take the leading market touchpoints including social channels, marketing email, sponsored content, traffic diversion from social media and pre-conversion points, and assign them specific values. 66% of marketing team members of a correspondence study revealed their reliance on one or multiple attribution models to analyze the ROI of their marketing efforts. Sadly, about 18% of the respondents state that they do not know how to interpret the results of attribution. They have little to no idea about how their strategies are performing. That is one group where you do not want to belong.

How has marketing attribution evolved in the last couple of years?

Analyzing the results of marketing attribution, weighing the ROI and real-time analysis of marketing metrics is now possible for almost all companies due to the rise of software technologies. These marketing attribution tools can guide a marketing expert through the process and help them analyze their strategies. Using tools like marketing attribution software from Get.Gaug.es can help you make more sense of your KPIs. Spending hundreds of thousands on sponsored content across several channels will not help much unless you can locate the channels that are driving the lion’s share of the ROIs.

You can think of a marketing attribution model as a set of rules that help you assign credit to each touchpoint during a campaign. Instead of a vague idea about which platform is giving you more returns, you will be able to weigh their importance with the help of explicitly defined values. They determine the distribution of credit throughout the funnel (customer journey). Since it depends on the allocation of values, your results will depend on which attribution model you choose.

Why should you try the custom market attribution model?

Many corporations and tech-savvy marketing teams appoint custom attribution models. These depend on sophisticated algorithms that can match the customer journey in a precise manner. Having little to no idea for data management and code management makes it impossible to leverage the algorithmic attribution models. A team usually requires expert data scientists for the control of these models. It is an entirely customizable model that meets the unique needs of every business. Each company should use a custom model like this at least once, but they find it impossible due to the technical challenges involved.

There is no one-model-fits-all solution for marketing and businesses. The choice of the model depends on the customer journey map, lead quality, campaign objectives and technical know-how. None of the models are perfect, and they require significant polishing to suit the needs of a multi-channel customer journey.